Retirement Health Savings Account. Bargaining unit employees shall be eligible for a City contribution to a Retirement Health Savings account under the same terms and conditions as the City’s Administrative Officers, which may be amended from time to time.
Retirement Health Savings Account. A. Due to mandates to changes in the Police Pension Plan by the State of Florida, which disallowed certain accrued sick leave time from being counted as work time for pension benefit calculation purposes, the new benefit set forth in this article is agreed to by the parties as a replacement for the "lost pension benefits" resulting from that decision.
B. This replacement benefit shall be in the form of a single, lump sum deposit into a Retiree Health Savings Account (RHSA) made upon separation from employment from the City. For purposes of this article, "separation from employment from the City" shall include the effective date of any election to commence participation in a DROP program sponsored by the City.
C. The dollar value of that lump sum deposit shall equal 50 percent of the present value of the actuarial equivalent of any unused sick time accrued by a police officer as of the date of separation from employment — calculated as if those unused sick hours had been converted to years of service for purposes of determining a monthly retirement benefit within the Police Officers Defined Benefit Retirement System ("the Plan").
D. For purposes of making this actuarial calculation, the conversion rate shall be calculated at a rate equal to one month of credited service for every 21 days of unused sick leave. All other actuarial assumptions shall be those adopted by the trustees of the Plan and as incorporated into the most recent actuarial study for the Plan.
E. This actuarial equivalent shall be calculated by the actuarial firm retained by the trustees of the Police Officers Defined Benefit Retirement System and shall be itemized separately from the normal monthly retirement benefit calculation. The City of Lakeland shall not incur any incremental costs as a result of the computation of this RHSA benefit by the actuary.
Retirement Health Savings Account. The County shall work with the Association to establish as soon as feasible a Retiree Medical Savings mechanism that employees may make regular contributions to on a pretax basis. If possible the plan should include the ability to make lump sum contributions. The establishment of this plan shall be by mutual agreement. There shall be no cost to the County during the duration of this agreement.
Retirement Health Savings Account. The Town shall contract with MissionSquare to provide a vehicle for retiree medical expenses. Employees shall contribute twenty-five dollars ($25.00) per pay period into their MissionSquare RHS account. The Town shall contribute three hundred and seventy-five dollars ($375) per month into each employee’s MissionSquare RHS account.
Retirement Health Savings Account. The City’s RHS contribution shall remain at 0.5% through the term of the extension (June 24, 2023). The City’s RHS contribution shall return to 1.0% on June 25, 2023.
Retirement Health Savings Account. All employees in the Unit will continue to be enrolled in the RHS Account (RHSA) in accordance with the Plan design. The administration costs of maintaining this RHSA will be borne by the City. For calendar year 2019, separation pay contributions to each employee’s RHSA shall be as specified in the side letter of agreement attached to this document and identified as Exhibit “D”. The Unit may elect to change the above conversion of separation pay arrangement for each successive calendar year of this Agreement. The Unit must notify the City’s Human Resources Department in writing no later than November 30th of the change(s) to be made for the following calendar year. In the event notification is not received by the deadline, the separation pay arrangement in effect at the time will continue for the following calendar year. During the term of this MOU, employees in this bargaining unit may elect to contribute a set amount of salary to the RHSA. The City shall be notified of any such election sixty (60) days prior to the effective date.
Retirement Health Savings Account. 11.1 The Town agrees to create a Retirement Health Savings Account (RHSA) for members of the collective bargaining unit. The RHSA will contain the following provisions:
11.1.1 A participant in the RHSA shall contribute pre-tax dollars, via payroll deduction, to the account, under the current plan provisions.
11.1.2 Employees shall not be eligible to participate in the RHSA until they have successfully completed their probationary period.
11.1.3 The following shall be deposited into RHSA:
Retirement Health Savings Account. The County provides employees a MissionSquare retiree health savings account (a health reimbursement arrangement as described in Internal Revenue Service Notice 2002-45). Employees may withdraw benefits from the plan upon separation from employment per the requirements of the plan. The County contributes fifty dollars ($50.00) per month into the employees MissionSquare retiree health savings account. The County pays the administrative fees as charged by the plan. Employees contribute fifty dollars ($50.00) per month into the employees MissionSquare retiree health savings account. YCPPOA may increase the employee contribution amount annually by notifying Human Resources no later than November 15, to be effective the first full pay period in January of the following year, employee contributions will be listed in Appendix “B”. This provision shall be effective no later than July 1, 2023.
Retirement Health Savings Account. Section 12.01 The Town agrees to create a Retirement Health Savings Account (RHSA) for members of the collective bargaining unit. The RHSA will contain the following provisions:
(a) A participant in the RHSA shall contribute pre-tax dollars, via payroll deduction, to the account, under the current plan provisions.
(b) Employees shall not be eligible to participate in the RHSA until they have successfully completed their one-year probationary period.
Section 12.02 The following shall be deposited into RHSA: (a) Employee Contributions from Income:
i) Steps 2 thru 5 2% of gross pay on a weekly basis ii) Steps 6 thru 11 3% of gross pay on a weekly basis
Retirement Health Savings Account. Retiree Health Savings Account: Effective in the first full pay period following the selection and implementation of that plan all active bargaining unit members except Firefighter/Paramedic Trainee shall contribute $100 per month of salary into the member’s MissionSquare Retirement Health Savings Account. The MissionSquare Retirement Health Savings Account benefits shall be as provided in the plan documents for this Trust.
